In February, OPEC production decreased by 0.14 mb/d, to average 31.96 mb/d.

In a monthly report, OPEC said in 2017, non-OPEC oil supply is projected to grow by 0.40 million bpd, following an upward revision of 0.16 million bpd to average 57.74 million bpd. An improving outlook for Canadian oil sands and US supply were the main contributors to the revision.

Highlights from the report

• Saudi Arabia, OPEC's biggest producer, increased output in February by 263,000 barrels per day to 10 million bpd
• Oil stocks in industrialized nations rose in January to stand 278 million barrels above the five-year average
• Despite the supply adjustment, stocks have continued to rise, not just in the U.S., but also in Europe
• U.S. oil output in 2017 is revised up by 100,000 bpd
• For 2017, oil demand growth is anticipated to be around 1.26 million bpd, higher by 70 tb/d from previous month projections, to average 96.31 million bpd
• The upward adjustments were due to more optimistic expectations for oil demand in OECD Europe, as well as Asia Pacific